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EUR/USD has advanced to fresh daily tops above 1.1200

 

EUR/USD has advanced to fresh daily tops above 1.1200 the figure, although the up move seems to lack of further strength for the time being.

EUR/USD upside propped up by USD-selling

The pair managed to leave behind initial jitters on a potential default by Greece after officials have ruled out such scenario (for now), although the attention remains on headlines involving the country, the IMF and Germany.

Fresh buyers seem to have come to EUR following a story by news agency Reuters citing the ECB could remove some stimulus-supportive wording at its next meeting, based on the moderate pace of recovery of the region. The decision, however, still needs confirmation although it falls within rumours that the central bank could start shifting its message to a more hawkish tone in the next months

Supporting today’s up move, the greenback met sellers in the 97.70 region when tracked by the US Dollar Index (DXY), while lower-than-expected consumer confidence results added to the buck’s selling mood.

EUR/USD levels to watch

At the moment, the pair is up 0.19% at 1.1187 and a breakout of 1.1206 (high May 30) would target 1.1235 (high May 26) en route to 1.1252 (high May 25). On the other hand, the immediate support aligns at 1.1110 (low May 30) followed by 1.1073 (76.4% Fibo of 1.1300-1.0339) and finally 1.1059 (20-day sma).

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